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EUR/CHF Classical 02.01

EUR/CHF Classical 02.01

2011-02-01 06:32:00
Joel Kruger, Technical Strategist
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EURCHF_Classical_body_eurchf2.png, EUR/CHF Classical 02.01

EUR/CHF:It looks as though a material base has now carved out by record lows set a few days back by 1.2400, with the market in the process of unwinding from oversold studies and triggering an inverse H&S pattern formation that has opened the latest gains to the measured move pattern objective by 1.3000. From here current setbacks should be well supported by previous neckline resistance now turned support which comes in by 1.2730. Our recommendation therefore would be to look to buy on dips to 1.2730 or on a break back above 1.3070.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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